Flowserve 2.0

5310 Taneytown Pike FLOWSERVE 2.0 March 2018

Building A BetterWay Since 1967

Our unconventional, people-oriented style has led to our long-term success. With a project portfolio of nearly 16 million square feet, Merritt is one of the most seasoned construction services and redevel- opment companies in the Mid-Atlantic area. Moreover, we bring an “owner’s perspective” to all that we do. As a result, the quality and longevity of our work in this area is unparalleled. Cross to the U.S. Army Corps of Engineers to CareFirst of Maryland. From contemporary office buildings to institutional facilities, our highly skilled construction team has completed a comprehensive roster of customized projects, including corporate campuses, LEED-certified green buildings, schools, manufacturing facilities and retail centers. Since our founding in 1967, Merritt has worked with customers ranging from the American National Red Do the right thing and your business will prosper. This philosophy – one that always puts the customer first – is the foundation on which Merritt Construction Services has been built. We long ago took on a more personal approach to those we serve.

Whether serving as general contractor, construc- tion manager or design-builder, Merritt Construction Services offers full-service construc- tion capabilities through all phases of development, from feasibility to commissioning. Our goal is not to look at your project as a one-time engagement for our services. Rather, we are committed to meeting your objectives so that we become your “go-to” resource for your construction needs now and in the future. And, regardless of our role, we take on the responsibility of translating your ideas into a building that balances budget and timing with functionality and corporate vision. With Merritt Construction Services, it’s about more than what we do. It’s also about how we do it. We treat our customers with honesty and integrity, while constantly staying focused on results, value and efficiency.

It’s customer first. And that’s our bottom line.

“We gave Merritt an opportunity to deliver a first-class project on a short schedule and that is what was elivered. In short Merritt delivers what they promise.”

TED D’ANNA executive vice president, mars super markets, inc.

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Interior Build-Outs Mastering the Inside Job

In our view, an interior space is more than a place where you do business, it’s a reflection of your business itself… its culture… its vision… its values. It’s our job to best capture the essence of your business in developing your interior space. Because interior construction has its own unique challenges, Merritt has created a team dedicated specifically to these projects. We understand that both quick turn-arounds and working in occupied spaces call for a team of professionals that is in constant communication with customers. Furthermore, it’s our job to keep the project moving at a brisk pace while complying with the highest standards for cleanliness and professionalism in these spaces. Our interior construction portfolio includes office, warehouse, restaurant and retail along with highly technical space such as SCIF, data centers, network operations centers (NOCs), tactical gun ranges and robotic manufacturing facilities. Companies with a focus on environmental stewardship will find that our green building capabilities are truly exceptional, having guided several customers through interior designs based upon the LEED for Commercial Interiors standards. From new, contemporary interior construction to historical warehouses converted to office and retail space, there’s peace of mind in knowing our expertise will help transform your space to reflect your corporate vision.

Build-Out Experience

Corporate Offices | Headquarters

SCIFs

EMSEC | Tempest Rooms

State-of-the-Art Conference Rooms

Data Centers and NOCs

Training Rooms

Corporate Cafeterias

Corporate Fitness Centers

Fitness Clubs

Swimming Pools

Classrooms | Gymnasiums |

Playgrounds

Surgical Suites

Dining | Restaurants

Commercial Kitchens

Food Processing

Shooting and Tactical Gun Range

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New Construction The Details Create The Big Picture

It’s the details that count. Because when they are given a backseat, they inevitably move up front and can overtake the direction of a project. So, at Merritt Construction Services, we know to pay close attention to the little things that could have a big impact on the successful completion of your project. And, of course, when you focus on the details, the big picture naturally takes shape as you had envisioned it.

An Experienced Team With certified experts in steel structure, welding, concrete, carpentry and masonry, the Merritt Construction Services team has successfully completed a wide breadth of projects, ranging from Class A offices to industrial warehouses. Our construction team is among the best in the business. As a result of their experience and expertise, unforeseen issues that can arise during construction are minimized, as is their impact on schedule and budget. This team is complemented by our many longstanding partnerships with subcontractors and suppliers in the Baltimore/Washington area who provide us with competitive pricing and outstanding service. These relationships, some with a 30-year history, also ensure that all construction team members embrace Merritt’s standards of quality and service. In addition, Merritt also has well-established relationships with various jurisdiction planners, reviewers and inspectors, which can help expedite the permit and inspection process. With this experience and excellent reputation in the marketplace comes outstanding cooperation to achieve each project’s schedule and budget.

A Collaborative Approach When brought in at the ground level of a project, our approach focuses on creating a collaborative,

integrated group – with owner, architect, construction manager, engineers and

subcontractors all working together from the start. This facilitates communication, which is a core component of our construction philosophy, and ensures that there will be no surprises at the end of your project. Throughout the process, you will be fully aware of alternatives available to you, as well as any related modifications to the project cost or schedule. History has taught us that this approach is the most effective way to assure quality, optimize efficiencies and control costs.

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Our Leadership

Scott E. Dorsey, Chairman & CEO Currently chairman and CEO of Merritt Properties, Scott Dorsey has occupied nearly every position in the company since joining in 1972. With a primary focus on strategic planning and the long-term goals of the company, Scott remains involved with the day-to-day operations of the business while serving as the point person for Merritt’s interface with financial institutions, government agencies, economic development organizations and industry groups. In addition to his service as Chairman of the Board

for the Maryland Economic Development Corporation and Maryland Business for Responsive Government, Scott also sits on the Board and Executive Committee for the Economic Alliance of Greater Baltimore, theYoung Life-Urban Baltimore Board of Directors, M&T Bank Greater Baltimore/Washington Directors Advisory Council, the Baltimore County Economic Development Commission, and the Board of Trustees for Junior Achievement of Central Maryland. Scott is also an active member with the National Association of Industrial and Office Properties (NAIOP), the Institute of Real Estate Management (IREM) and the Urban Land Institute (ULI). Scott received a Bachelor of Arts from Cornell University and an MBA from Loyola University in Maryland.

Robb L. Merritt, President Robb serves as president of Merritt Properties and, much like his father who founded the company in 1967, plays a hands-on role in the day-to-day business. True to another family tradition, Robb learned the development business from the ground up and began his career in the field. In addition to overseeing daily operations and management of the company, Robb is former president of the Baltimore Chapter of the National Association of Industrial and Office Properties (NAIOP) and is currently a member of the Legislative

Committee. He also sits on the President’s Advisory Council for the Greater Baltimore Committee. At the national level, he also serves on the NAIOP Industrial Development III National Forum and sits as a governor on the NAIOP Research Foundation. In addition, Robb is a board member for the Maryland Business Leadership PAC and Living Classrooms Foundation. A graduate of the University of Colorado, Robb received an MBA from Loyola University.

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Management Structure

Here at Merritt we are a flat organization. In fact, the only people with official titles are Scott Dorsey, our Chairman and CEO, and Robb Merritt, our President. Each department does, however, have a team leader, but the idea behind all off this is that each and every employee is empowered to make decisions in the best interests of our customers and our company. This also fosters a collaborative environment not only within teams, but across departments as well.

MerrittTeams

Accounting &Administration - Handles every aspect of Merritt’s finances, including cash management, building and maintaining our banking relationships, debt restructuring and financing, budgeting, rent collection, financial reporting and managing our tenant database.

Customer Service - Main point of contact for the more than 1,200 customers in our portfolio.

Human Resources - Responsibilities include employee relations, compliance with federal and state labor laws, recordkeeping, and the administration of benefits as well as payroll. Information Services - Provides information, data, video conferencing and one-on-one technology support to all Merritt employees. Responsible for implementing new technology and communication solutions, as well as maintaining Merritt’s information technology infrastructure. Interior Construction - Coordinates and constructs lease alterations, prepares construction estimates and budgets and conducts for-fee alterations, as requested for both Merritt tenants and 3rd party customers. Leasing - Develops relationships directly with both customers and the larger brokerage community to manage leasing, renewals and design-build opportunities for industrial, flex and office properties. Marketing - Direct and facilitate internal and external company communications and events, design all marketing and advertising materials and serve as Merritt’s media and public relations contact. Also conducts customer-based research and directs the company’s philanthropic activities. MerrittConstruction Services - The construction and development arm of Merritt Properties. In addition to the building portfolio created for Merritt Properties, this experienced team has an impressive list of build-to-suit customers. Known for delivering buildings on time and on budget, the Merritt Construction Services teamworks closely with each client to facilitate all aspects of site development, permitting, value engineering, budget management and scheduling. Over the years, Merritt Construction Services has also cultivated strong partnerships with design consultants and sub-contractors, which has helped instill the Merritt philosophy of designing and building properties for the long term. Virginia Office - The company’s first foray into a market outside of Central Maryland. The Virginia office opened in 1999 with the construction of the Loudoun Tech Center. This office currently manages more than 1,500,000 square feet of office and flex space in Northern Virginia.

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Project Team

Dan Pallace , P.E. Director of Construction

Dan’s 27 years of construction experience include 18 years here at Merritt. He currently holds the position of director of construction, overseeing real estate development and the construction management of approximately one million square feet of space per year. Dan is a past chair of the Urban Land Institute’s Baltimore District Council and is currently chair of the

Building and Real Estate Commission of the Archdiocese of Baltimore. He graduated from the Johns Hopkins University with a Bachelor of Science in Civil Engineering and completed the Advanced Management Development Program in Real Estate at Harvard University’s Graduate School of Design. Dan also sits on the Greater Baltimore Committee’s Economic Development Committee and is a registered professional engineer in the state of Maryland.

Project Experience

Agora Publishing (1001 Cathedral St.) Schilling Green II

Historic 4-story building renovation

15,000 SF

4-Story Class A office building w/lab annex, 136,500 SF/10,000 SF (lab) LEED CS Platinum

Mars Super Markets #21

Retrofit of existing Super Fresh to a new Mars grocery store 47,000 SF

Kaiser Permanente

Site infrastructure for 4-story office building & parking garage

10 acres/150,000 SF

Aberdeen Corporate Park

3-story Class A office intended for LEED CS Gold

95,000 SF

Calverton Corporate Center

4-story office building renovation, LEED CS Gold

118,000 SF

Mars Super Markets – Rosedale

Corporate headquarters build-out

30,000 SF

Bakery Express

Build-to-suit manufacturing

210,000 SF

Columbia Corporate Park III

5-story Class A office building

150,000 SF

Columbia Corporate Park IV

3-story Class A office building

78,000 SF

Columbia Corporate Park V

3-story Class A office building

78,000 SF

Timonium Two

8-story Class A office building

210,000 SF

Columbia Corporate Park 100 Bldg 1 Strip retail building

16,000 SF

Columbia Corporate Park 100 Bldg 2 4-story Class A office building

95,000 SF

Columbia Corporate Park 100 Bldg 3 5-story Class A office building

110,000 SF

Columbia Corporate Park 100 Bldg 4 3-story Class A office building

78,000 SF

Columbia Corporate Park 100 Bldg 5 Daycare building

7,000 SF

Chesapeake Advertising – Baltimore Office/production build-to-suit

45,000 SF

Blind Industries-Baltimore

Office/production build-to-suit

157,000 SF

Meadowridge 95 Bldg II – Elkridge

2-story office building, LEED CS Gold

68,000 SF

Schilling Green – Hunt Valley

3-story Class A office renovation. LEED CS Platinum

107,000 SF

Eggspectation –

Two interior restaurant build-outs

6,000 SF each

Columbia & Silver Spring

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Chris Flower Superintendent

Chris has over 20 years of experience in the construction field. In 1990, Chris was hired as a laborer by a local drywall framing company. Within his first year, Chris was promoted to a mechanic position and then promoted to site superintendent. He held that position for over 19 years. Prior to joining Merritt in 2010, Chris also worked for Indusco as a project manager/estimator. This experience provided

Chris with expertise in site supervision, project management and estimating. In addition, Chris is OSHA certified and has recently received the Construction in Healthcare Training Certificate from Compliance Environmental International, Inc., as well as the Erosion and Sediment Control certification from the State of Maryland.

Project Experience University of Phoenix

Office & classroom build-out

25,000 SF

SRA International

Office renovation & SCIF

45,000 SF

United HealthCare Services, Inc.

Office build-out

64,000 SF

Mars Super Markets #21

Retrofit of existing Super Fresh to a new Mars grocery store 47,000 SF

Ridge Engineering

Addition to manufacturing facility

15,000 SF

Centric Business Systems

Single-story build-to-suit office building, LEED NC Gold

39,000 SF

Meadowridge 95 Bldg III – Elkridge

2-story office building, LEED CS Platinum

68,000 SF

Columbia & Silver Spring

Project Team

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Delfina Kelly BusinessDevelopment

Delfina joined Merritt in 2017to drive business development and generate leasing, development and construction opportunities for Merritt Properties and Merritt Construction Services. Delfina also assists with strategic development and acquisitions.

Prior to joining Merritt, Delfina was a global sales representative for Tanglewood Conservatories, a seller of custom and luxurious conservatories, greenhouses, pool enclosures and skylights. During her tenure, by building and maintaining relationships with partners across the country, she doubled sales from $2.5 million annually to $5 million and maintained an active pipeline of over $10 million. Her professional motto is to “create a client for life”. A graduate of Towson University with a degree in Mass Communication, Delfina has successfully developed and led teams, constantly improving processes and results. Her extensive experience will allow Merritt to continue to expand its network and remain on the forefront of market opportunities.

Liz Davies InteriorDesign

Liz is part of the Interior Design team and has been with Merritt Properties for over eleven years. She is LEED accredited and has worked as a designer since graduating fromThe Art Institute of Pittsburgh with a bachelor’s degree in Interior Design in 2005. She is responsible for space planning, interior finish selection and construction documentation. She has worked on such recent projects as Dunbar Security and Omega Health care.

Relevant Projects

ConstructionVolume & Relevant Projects

Merritt’s total construction volume for office buildings over the past 5 years is $74,573,848. This includes Aberdeen Corporate Park, Schilling Green II, Centric Busines Systems and Meadowridge 95, Building III. This total volume value does not include any interior or tenant improvement work.

The following is a list of our recently completed projects of similar size and scope to the Flowserve project.

Project Name: GBMC Project Location: 6701 North Charles Street, Baltimore, MD Summary: Merritt Construction Services has completed several renovations for GBMC totaling over 13,000 square-feet. These renovations include updated offices for their third-party medical partnerships and the relocation of their Respiratory Therapy area. Merritt also renovated their Clinical Pharmacy, featuring a new robotic box picker for stat dispensing, a pill pick area, a narcotics room and a compounding area. Additionally, this particular renovation included a new state-of-the- art clean room that is USP 797 compliant and complete with an anteroom, a separate changing room, an IV prep room and a chemo prep room. Merritt is currently adding more administrative offices to this area as well. Next, Merritt renovated their neurology suite which allowed GBMC to expand the department by 60%. The suite features five exam rooms, a patient waiting area, a patient registration area, an Electroencephalogram (EEG) room and three new physicians’ offices with room for future expansion. Finally, Merritt renovated the hospital’s Bluebell Park, reconfiguring and expanding the existing parking lot area outside of the Center for Neurology and the Medical Imaging of Baltimore building. A new retaining wall was also installed to shore-up the hill that is adjacent to the meditation garden near the parking area.

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Project Name: Agora Publishing Project Location: 1001 Cathedral Street, Baltimore, MD Summary: Located at 1125 North Charles Street in Baltimore, Agora Publishing hired Merritt Construction Services to renovate roughly 38,000 square feet of space throughout the building’s basement, first and second floors. Working within the building’s existing footprint, basement drywall and concrete masonry walls were demolished to create a new, open-office floorplan. Roughly 120 square feet of garage slab was also removed to construct a shaft wall consisting of CMU and glass block to allow for the penetration of natural light from the first-floor plaza skylight. Along the back wall of the basement, an illuminated backlit graphic wall system, featuring a forest scene, was also installed. Construction in the basement and first floor included audio/video studio rooms, which utilize suspended pipe grid tracks and specialty lighting. In the lobby, renovations included paint, wood accent walls, trim, and carpet in-lay set in previously existing terrazzo flooring. On the first and second floors, approximately 100 new stormwindows were installed along the perimeter. Now, all three floors feature full-height herculite glass partitions; specific GWB elevations; high-end millwork and cabinetry; integrated A/V systems, access controls and security; and feature walls made of Nicaraguan wood.

Zero Fox

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Project Name: Omega Healthcare Project Location: 303 International Circle, Hunt Valley, MD Summary: Omega Healthcare chose to occupy 27,176-square feet in Merritt’s five-story office building as their new headquarters. Merritt renovated the interior space to consist of 46 8’x10’ workstations, 21 private offices, four conference rooms, a 1,340-square-foot boardroom, and a large break roomwith full kitchen. The overall design plan called for an open layout with modern, high-end finishes and neutral, dark accents throughout. To open the space more and increase daylighting, Merritt lifted the original eight-foot ceilings 11 inches to maximize the ceiling height in a building that had limited options due to existing structure and equipment. Glass dividers separate workstations to offer an open office environment allowing a direct sight line down the entire space. Glass doors and semi-frosted glass walls were installed in rooms to expose the natural light from the extensive window line. The front reception area features a stone accent wall, glass entranceway, recessed lighting and a custom desk with quartz granite countertop. The break room/kitchen area features high and low-top tables, an island with pendant lighting, granite countertops and multiple refrigerators. Additional unique features include a bar in the boardroom, golf holes outside some private offices, writable walls and two merchandise beverage refrigerators in the kitchen.

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Project Name: SC&H Group Project Location: 910 Ridgebrook Road, Sparks, MD Summary: The SC&H Group interior fitout was a complete remodel of the first and third floors of an existing three-story brick building in Sparks, Maryland. Merritt’s work in the building allowed the owner to expand their existing square footage 10,000 SF as well as get an updated, custom look for their almost 20-year- old 35,215 SF office space. Merritt offered SC&H a multiple-phase buildout design plan that would completely renovate the third and first floor by adjusting the overall layout to give a more open feel, and updating fixtures and finishes throughout both floors. The overall design was a mix of contemporary and classic; the original wainscoting in the lobby was refinished and the marble flooring was reestablished, on the other hand the modern aspects came through with the open floor plan, glass accents and clean-lined furnishings and fixtures. Several obstacles came up during the renovations, including no service elevators in the building, discovering a safe-room office, with Kevlar-backed drywall and a 1,600-pound door, embedded-flooring throughout both floors, and a 35-day window to complete the entire third floor renovation. Despite this, Merritt found solutions and continually stuck to SC&H’s schedule and budget to give them the new home they wanted.

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Project Name: Living Legacy Project Location: 1730 Twin Springs Road, Baltimore, MD Summary: The renovation project for The Living Legacy Foundation consisted of a two-phase buildout to expand their existing single-story office from 33,000 square feet to a one-of-a-kind, 47,633-square-foot, two- story office. As a 24-hour organ transplant facility, it was imperative to the owner that Living Legacy remained operational throughout the entire construction process. Additionally, they occupied the end units of a single-story flex building and didn’t have the ability to expand further. Merritt devised a unique plan to expand Living Legacy’s footprint vertically, rather than horizontally, with a 15,000 SF second-story addition overtop of their existing space housing conference rooms, private offices, a training room, kitchen, and employee gym. Using bridge trusses and vertical columns to support the new structure, Merritt was able to build the addition without interfering with Living Legacy’s daily operations. Once the addition was complete, Merritt then renovated the existing first-floor office space to match the high-end, modern finishes in the addition and added a two-story reception area. Through collaborative planning and innovative design, The Living Legacy Foundation was able to expand their existing single-story office to provide the additional space they needed as a growing business, while remaining fully operational through almost all of construction.

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CORPORATE OFFICE 2066 Lord Baltimore Drive Baltimore, MD 21244 410 298 2600 phone 410 298 9644 fax

VIRGINIA OFFICE 20116 Ashbrook Place, Suite 160

Ashburn, VA 20157 703 858 2725 phone 703 858 7239 fax

www.MerrittProperties.com